RedFOXLabs, a Vietnam-based blockchain Venture Builder has decided to replace Coinebene with Coinreal to conduct its Initial Exchange Offerings (IEO) amidst various reports of suspicious activities by the Coinebene. The RedFOX announced the same through its Twitter handle, which read,

“We are pleased to announce that RedFOX Labs will be launching the RFOX Initial Exchange Offering with Coineal Launchpad starting on 14:00 April, 12 (UTC) and ending on 14:00 April, 19.”

Earlier the RedFOX has chosen Coinbene's platform to conduct its IEO, however, the firm issued its rebuttal after various complaints of Coinebene involved in a number of suspicious transactions surfaced on social media and various news portals.

There were several reports of delays in withdrawal and deposits and the Coinebene platform also took certain precautionary measures in fear of a potential hack attack and fear of customers and investors losing confidence in the platform. Coinbene announced a wallet upgrade, but it did not really help its case, as RedFOX has already decided to move away from the platform.

The RedFOX tweeted,

“In light of recent events and due to community request, we will no longer be going through Coinbene. We will be going live on the 12th of April on a top 10 exchange to be announced tomorrow.”

The RedFOX CEO during his media interactions said that the decision to move away from Coinbene was totally based on the community and public sentiment as it is very important to listen to them since they would be availing the services. The firm has decided not to discontinue the scheduled IEO and rather moved to a local exchange in the form of Coinreal to proceed with the IEO.

Now, the IEO will start from April 12th and continue till April 29th. Coinreal the chosen launchpad is believed to have a strong footing in the southeast Asian markets and has quite a stronghold in China, Japan, Korea, Vietnam and more] and a record of successful IEOs.

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